Categories: Economy

Oil prices on 31/05/2023

Oil prices are key indicators for the global economy and financial markets. The price of oil affects many sectors, from the automotive industry to energy, agriculture and transportation.

Comparing crude oil prices between 30 and 31 May, we note:

WTI crude oil price decline from 69.46$ to 68,09$
Brent oil price decrease from 73.71$ to 72,6$
OPEC basket price drop from 75.19$ to 73,07$

The following is an overview of key oil price data as of May 31, 2023, based on the following benchmarks:

Oil price per barrel in dollars

Index	31 May	30 May	% change
WTI Crude	68,09	69,46	-1,97%
Brent Crude	72,6	73,71	-1,51%
Opec Basket	73,07	75,19	-2,82%

Extreme values over the past 12 months

Index	Higher Price ($)	Lower price ($)
WTI Crude	123,70	64,18
Brent Crude	125,28	70,12
Opec Basket	123,73	70,77

Factors influencing the price of oil

Oil prices are influenced by a multitude of factors, such as global supply and demand, geopolitical tensions, the production policies of exporting countries, global economic conditions and currency fluctuations. These factors can lead to daily changes in oil prices on international markets.

Terminology

Term	Definition
WTI Crude	Is a high-quality, low-sulfur type of crude oil extracted primarily from wells in the United States, used as a benchmark for oil pricing in the Americas.
Brent Crude	Is a type of crude oil that is extracted from the North Sea. It is a widely used benchmark for global oil pricing and serves as a reference point for setting prices of crude oil worldwide
Opec Basket	Is a weighted average of crude oil prices from selected OPEC member countries, used as a benchmark for pricing OPEC’s oil exports.